Fieldview Capital Management LLC bought a new position in shares of Cognizant Technology Solutions Corporation (NASDAQ:CTSH – Free Report) during the fourth quarter, Holdings Channel reports. The fund bought 11,963 shares of the information technology service provider’s stock, valued at approximately $993,000.
Other institutional investors also recently bought and sold shares of the company. Temasek Holdings Private Ltd purchased a new stake in shares of Cognizant Technology Solutions in the 3rd quarter valued at approximately $55,217,000. OFI Invest Asset Management purchased a new stake in shares of Cognizant Technology Solutions in the 4th quarter valued at approximately $8,421,000. Todd Asset Management LLC raised its stake in shares of Cognizant Technology Solutions by 23.7% in the 3rd quarter. Todd Asset Management LLC now owns 548,763 shares of the information technology service provider’s stock valued at $36,806,000 after acquiring an additional 105,197 shares during the period. Vanguard Group Inc. raised its stake in shares of Cognizant Technology Solutions by 0.8% in the 3rd quarter. Vanguard Group Inc. now owns 60,348,442 shares of the information technology service provider’s stock valued at $4,047,570,000 after acquiring an additional 493,912 shares during the period. Finally, Pzena Investment Management LLC raised its stake in shares of Cognizant Technology Solutions by 1.5% in the 3rd quarter. Pzena Investment Management LLC now owns 17,710,868 shares of the information technology service provider’s stock valued at $1,187,868,000 after acquiring an additional 260,177 shares during the period. 92.44% of the stock is owned by hedge funds and other institutional investors.
Cognizant Technology Solutions Stock Performance
NASDAQ CTSH opened at $52.17 on Monday. The company has a quick ratio of 2.23, a current ratio of 2.23 and a debt-to-equity ratio of 0.04. Cognizant Technology Solutions Corporation has a 52 week low of $45.48 and a 52 week high of $87.03. The stock has a market capitalization of $24.72 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 1.10 and a beta of 0.81. The firm has a 50 day moving average of $54.79 and a two-hundred day moving average of $67.71.
Cognizant Technology Solutions declared that its board has approved a stock repurchase program on Monday, May 18th that permits the company to buyback $2.00 billion in shares. This buyback authorization permits the information technology service provider to reacquire up to 9% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
Cognizant Technology Solutions Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 27th. Shareholders of record on Monday, May 18th were issued a dividend of $0.33 per share. This represents a $1.32 annualized dividend and a yield of 2.5%. The ex-dividend date was Monday, May 18th. Cognizant Technology Solutions’s payout ratio is 28.70%.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on CTSH. Robert W. Baird set a $72.00 price target on shares of Cognizant Technology Solutions and gave the company a “neutral” rating in a research note on Friday, April 10th. BMO Capital Markets reduced their price target on shares of Cognizant Technology Solutions from $83.00 to $63.00 in a research note on Thursday, April 30th. Guggenheim reduced their price target on shares of Cognizant Technology Solutions from $85.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 30th. Wells Fargo & Company reduced their price target on shares of Cognizant Technology Solutions from $98.00 to $83.00 and set an “overweight” rating on the stock in a research note on Thursday, April 30th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Cognizant Technology Solutions from $92.00 to $74.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 28th. Eleven research analysts have rated the stock with a Buy rating and twelve have assigned a Hold rating to the stock. According to data from MarketBeat, Cognizant Technology Solutions presently has a consensus rating of “Hold” and an average price target of $73.50.
Get Our Latest Report on Cognizant Technology Solutions
Cognizant Technology Solutions Profile
Cognizant Technology Solutions (NASDAQ: CTSH) is a global professional services company that provides information technology, consulting and business process services to large enterprises. Its core offerings include digital engineering, application development and maintenance, cloud migration and managed services, data analytics and artificial intelligence, cybersecurity, and industry-specific solutions. Cognizant works with clients to design and implement technology-enabled transformations that address customer experience, operational efficiency and new product and service delivery.
Founded in the 1990s and headquartered in Teaneck, New Jersey, Cognizant has grown into a multinational organization with delivery centers and operations across the Americas, Europe, and Asia.
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